War, monetary reforms and the Belgian art market, 1945-1951

To investigate the link between monetary reforms and prices on the art market, this article focuses on the aftermath of the Gutt plan, a monetary purge implemented in Belgium just after World War II. On the basis of an original database of close,000 artworks sold between 194s and 1951, this article shows that, following the implementation of the Gutt plan, real prices on the art market experienced a massive drop suggesting real prices on the art market are significantly influenced by money supply.